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The Reliance Industries stock declined by Rs 35.45 (3.95 per cent) on Friday dragging down with it the benchmark Sensex. While the index fell by only 0.44 per cent, it is the first fall it has seen in the last seven trading sessions.
“Reliance being a heavyweight, its fall has dragged down the entire index,” said Mr Jagannadham Thunuguntla, Strategist & Head of Research, SMC Global Securities.
The trigger for the stock's fall was the CBI's search of the house of Mr V. K. Sibal, former Director-General of Hydrocarbons. The Comptroller and Auditor General had accused the regulator's office of approving inflated development costs for several exploration firms, including Reliance Industries.
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